Nostra Terra makes big gain from old field

10th Aug 2011 09:10

Nostra Terra Oil and Gas, the USA focused oil and gas producer, has been given a big boost following the sale of its stake in a well.Nostra Terra spent $17,800 (£10,900) acquiring a 2% interest in the Lee County re-entry well in Texas in June last year. When drilling was completed the flow rates from were better than expected, netting revenues of $34,000 for the company.It has now sold on its minority stake for $18,600, generating a total return on its investment of 200%.Matt Lofgran, chief executive of Nostra Terra said: "This was a small but very significant step in our growth strategy.  It clearly demonstrates the tremendous potential to win profitable new oil from old fields within the US using the latest drilling and well completion techniques."  Shares in Nostra Terra were up 1.92% in early trading.BS